2208 Preakness Ct · Memphis, IN 47143

$282,900

4 bd · 2.0 ba · 1,495 sqft · SingleFamily public records · 26 Days on market

Built 2023 0.30 ac lot Est $268k · 6% over $29/mo HOA · 1% of rent ↓ 9% since listing

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Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +13.7/30.0
• Schools +5.0/10.0
• ARV discount +4.9/15.0
• DSCR +4.1/10.0
• Livability +3.5/5.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Trendy new Harmony plan by D. R. Horton in beautiful Champions Run featuring one floor living at it's finest. Open concept layout with an island kitchen with stainless steel appliances, beautiful cabinetry, walk-in pantry and walk-out breakfast room all open to the spacious great room. Tucked away homeowners retreat with an en suite that includes a double bowl vanity, walk-in shower, linen closet and walk-in closet. There are 2 additional bedrooms, a centrally located hall bathroom and laundry room. 2 bay garage.

Key facts

• 0.3 acre lot
• 2 garage spots
• Built 2023

Property features AI

Finance

• Other: Above-grade finished area approximately 1,495
• HOA & community: Homeowners association with an annual fee of $350

Exterior

• Parking: Attached garage with garage door opener; 2-car garage
• Security: Security system
• Utilities: Public water; Public sewer
• Home design: Single-story home; Residential zoning; Located on a cul-de-sac
• Construction: Stone, frame and vinyl siding exterior; Built by D.R. Horton; Slab foundation
• Exterior features: Covered porch; Porch

Interior

• Kitchen: Dishwasher; Microwave; Oven; Range; Refrigerator; Kitchen island; Eat-in kitchen; Pantry
• Bedrooms: Bedrooms located on the main level
• Flooring: Tile flooring in baths and some areas; Carpet in bedrooms and some areas
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Blinds; Ceiling fans; Eat-in kitchen; Kitchen island; Primary bedroom with bath; Main-level primary bedroom; Mud room; Pantry; Split bedroom floorplan; Utility room; Walk-in closets; Window treatments
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $283k.

Deal economics

• At list price, monthly cash flow is $19 ($225/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $227k (19.9% below list).
• Recommended offer: $227k (19.9% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 5.0% in Memphis — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 70/100 on livability (#164 in IN) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Market conditions: 94 active listings in the ZIP; 911 units permitted in Clark County in 2024 (133 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Clark County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($279k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $226,627 (19.9% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.80% ✗
• Cap rate: 6.37%
• Cash-on-cash: 0.28%
• DSCR: 1.01
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $267,605
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2020 Derby Way	0.05mi	3/2.0 (-1)	1,498 (+0%)	1mo	$258,600	$173	92
2011 Derby Way	0.10mi	4/2.5	1,501 (+0%)	6mo	$259,900	$173	88
13803 Station Ct	0.31mi	3/2.0 (-1)	1,511 (+1%)	2mo	$240,000	$159	77
2066 Derby Way	0.05mi	3/2.0 (-1)	1,290 (-14%)	2mo	$235,000	$182	68
13954 Deer Run Trce Lot 425	0.48mi	3/2.0 (-1)	1,472 (-2%)	4mo	$299,900	$204	66
1201 Sir Barton Ct	0.28mi	3/2.0 (-1)	1,621 (+8%)	6mo	$266,590	$164	63
13951 Deer Run Trce Lot 406	0.51mi	3/2.0 (-1)	1,553 (+4%)	3mo	$338,900	$218	62
1026 Legend Ct	0.19mi	3/2.0 (-1)	1,290 (-14%)	2mo	$239,990	$186	62
1022 Legend Ct	0.19mi	3/2.0 (-1)	1,290 (-14%)	6mo	$229,991	$178	58
13838 Deerfield Xing	0.43mi	3/2.0 (-1)	1,601 (+7%)	6mo	$287,000	$179	58
1012 Legend Ct	0.19mi	3/2.0 (-1)	1,290 (-14%)	7mo	$229,991	$178	58
13969 Deerfield Xing	0.43mi	3/2.0 (-1)	1,648 (+10%)	2mo	$309,900	$188	56

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -15.9%
• Equity multiple: 0.44×
• Total profit: $-44,728
• Equity at exit: $42,181

10-year hold

• IRR: -7.5%
• Equity multiple: 0.52×
• Total profit: $-37,731
• Equity at exit: $24,460

Cash invested: $79,212 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Indiana: 90 Strongly Landlord-Friendly · R+11
• County: — inherits STATE
• City: — inherits STATE

10-day pay-or-quit; landlord-favorable; preempted.

Methodology + full state rankings →

ZIP-level market 47143

• Home prices YoY: -30.4%
• Active inventory: 94
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $2,266 medium
• Mortgage (P&I): −$1,484
• Tax from tax record: −$141 /mo · $1,694/yr
• Insurance: −$118
• HOA: −$29
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $19

Break-even live

Break-even rent $2,243

Max offer price $282,900

Occupancy floor 94%

Sensitivity live

Price	-10% $179	-5% $99	+0% $19	+5% $-61	+10% $-141
Rent	-10% $-160	-5% $-71	+0% $19	+5% $108	+10% $198
Rate	-1.0pp $161	-0.5pp $91	base $19	+0.5pp $-55	+1.0pp $-129

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $70,725
• Closing costs: $8,487
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $29 · $348/yr

Listing history 11 events

1. 2026-06-03
   days on market $282,900 Active 26 DOM
2. 2026-06-02
   days on market $282,900 Active 25 DOM
3. 2026-06-01
   days on market $282,900 Active 24 DOM
4. 2026-05-31
   days on market $282,900 Active 23 DOM
5. 2026-05-08
   listed $282,900 Active
6. 2023-08-25
   soldstatus $279,900 Closed 518-char remark

   Show marketing remark (518 chars)

   Trendy new Harmony plan by D. R. Horton in beautiful Champions Run featuring one floor living at it's finest. Open concept layout with an island kitchen with stainless steel appliances, beautiful cabinetry, walk-in pantry and walk-out breakfast room all open to the spacious great room. Tucked away homeowners retreat with an en suite that includes a double bowl vanity, walk-in shower, linen closet and walk-in closet. There are 2 additional bedrooms, a centrally located hall bathroom and laundry room. 2 bay garage.

7. 2023-08-09
   status Pending 518-char remark

   Show marketing remark (518 chars)

   Trendy new Harmony plan by D. R. Horton in beautiful Champions Run featuring one floor living at it's finest. Open concept layout with an island kitchen with stainless steel appliances, beautiful cabinetry, walk-in pantry and walk-out breakfast room all open to the spacious great room. Tucked away homeowners retreat with an en suite that includes a double bowl vanity, walk-in shower, linen closet and walk-in closet. There are 2 additional bedrooms, a centrally located hall bathroom and laundry room. 2 bay garage.

8. 2023-07-31
   price $279,900 518-char remark

   Show marketing remark (518 chars)

   Trendy new Harmony plan by D. R. Horton in beautiful Champions Run featuring one floor living at it's finest. Open concept layout with an island kitchen with stainless steel appliances, beautiful cabinetry, walk-in pantry and walk-out breakfast room all open to the spacious great room. Tucked away homeowners retreat with an en suite that includes a double bowl vanity, walk-in shower, linen closet and walk-in closet. There are 2 additional bedrooms, a centrally located hall bathroom and laundry room. 2 bay garage.

9. 2023-07-06
   price $289,900 518-char remark

   Show marketing remark (518 chars)

   Trendy new Harmony plan by D. R. Horton in beautiful Champions Run featuring one floor living at it's finest. Open concept layout with an island kitchen with stainless steel appliances, beautiful cabinetry, walk-in pantry and walk-out breakfast room all open to the spacious great room. Tucked away homeowners retreat with an en suite that includes a double bowl vanity, walk-in shower, linen closet and walk-in closet. There are 2 additional bedrooms, a centrally located hall bathroom and laundry room. 2 bay garage.

10. 2023-06-20
    price $299,900 518-char remark

    Show marketing remark (518 chars)

    Trendy new Harmony plan by D. R. Horton in beautiful Champions Run featuring one floor living at it's finest. Open concept layout with an island kitchen with stainless steel appliances, beautiful cabinetry, walk-in pantry and walk-out breakfast room all open to the spacious great room. Tucked away homeowners retreat with an en suite that includes a double bowl vanity, walk-in shower, linen closet and walk-in closet. There are 2 additional bedrooms, a centrally located hall bathroom and laundry room. 2 bay garage.

11. 2023-05-12
    listed $309,900 Active 518-char remark

    Show marketing remark (518 chars)

    Trendy new Harmony plan by D. R. Horton in beautiful Champions Run featuring one floor living at it's finest. Open concept layout with an island kitchen with stainless steel appliances, beautiful cabinetry, walk-in pantry and walk-out breakfast room all open to the spacious great room. Tucked away homeowners retreat with an en suite that includes a double bowl vanity, walk-in shower, linen closet and walk-in closet. There are 2 additional bedrooms, a centrally located hall bathroom and laundry room. 2 bay garage.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $1,694 · $141/mo
• Projected year-2 tax: $2,049 · $171/mo
• Expected delta: +$355/yr (+$30/mo · 21.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥105°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,195
• − Mortgage interest: −$15,847
• − Property taxes: −$1,694
• − Insurance: −$1,414
• − Repairs & maintenance: −$2,176
• − Management: −$2,176
• − HOA: −$348
• − Depreciation: −$8,230
• Taxable loss: −$4,689
• Est. tax savings @ 24.0%: +$1,125
• After-tax cash flow: $1,350/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

No district data.

Livability — Memphis

• Score: 70/100
• State rank: #164
• US rank: #7848

Category grades

Amenities F Commute F Cost of living A+ Crime B+ Employment A+ Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Memphis, IN
• Population (ZIP): 3,775

Population outlook (Clark County) Hauer SSP2

• Today (2025): 126,401 people
• By 2030: 131,455 · +4.0%
• By 2040: 140,471 · +11.1%
• By 2050: 147,677 · +16.8%
• By 2075: 161,702 · +27.9%
• By 2100: 164,078 · +29.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 6% Hispanic / Latino 2% Black 1%
• Common ancestry: Italian 5% American 3% Iranian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Clark

• 2024 margin: Strong R (+20.4) · D 38.9% · R 59.3% · Other 1.8%
• 2008→2024 swing: -13.3pp toward R · 2008: -7.1pp · 2024: -20.4pp
• All cycles: 2024: R+20.4 2020: R+18.3 2016: R+22.0 2012: R+9.9 2008: R+7.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.60%
• Current HPI: 184.1286
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

Industry mix (Fortune 500 HQ in IN)

Industry	F500 HQs	Revenue
▸Industrial Machinery	2	$37B
▸Healthcare	1	$177B
▸Pharmaceuticals	1	$45B
▸Metals / Steel	1	$18B
▸Agriculture	1	$17B
▸Packaging	1	$12B

Price history

-8.7% since first listed

7 events — show timeline

• 2026-05-08 Listed $282,900 SIRA
• 2023-08-25 Sold (MLS) $279,900 SIRA
• 2023-08-09 Pending — SIRA
• 2023-07-31 Price Changed $279,900 SIRA
• 2023-07-06 Price Changed $289,900 SIRA
• 2023-06-20 Price Changed $299,900 SIRA
• 2023-05-12 Listed $309,900 SIRA